President Andrew Welsh and chief executive Tim Roberts will be on the panel, along with vice-president Anthony Di Pietro and former player Ted Richards.
They are all board members and the club's people and culture executive general manager Caroline Monzon completes the selection committee.
A month after the Bombers sacked Brad Scott, Roberts confirmed the selection process in a letter to members.
"Appointing our next AFL senior coach is one of the most important decisions this club will make," Roberts said in the letter.
"We will appoint the best coach for Essendon - the right person to lead this club forward, someone who demonstrates a clear and compelling vision for the future of our football club."
Roberts added the Bombers had been through a "detailed process" over the last month to work out what they are looking for in their next coach and how the selection process should be run.
While Melbourne had a mix of club and outside people on their coach selection panel last year, Carlton also essentially have gone "in-house". Adam Simpson is on the Blues' panel and he was already at the club in a coaching consultancy role.
Josh Carr took over this year as Port Adelaide's coach in a board-approved succession plan from Ken Hinkley, announced early in 2025.
Roberts also said Essendon's panel would "draw on subject matter experts from both within the club and outside it to inform our assessment and decision-making".
Hird, whose tumultuous period as Essendon coach ended with his resignation in 2015, has made it clear he wants to come back.
Essendon greats Kevin Sheedy and Michael Long have backed him.
Soon after Hird made his intentions public, Hinkley said it would probably deter other potential candidates.
Interim coach Dean Solomon is said to be Welsh's preference - something the club denies. The president has kept a low public profile since Scott was axed.
The saga turned ugly this week, with a media reporting that Solomon was ranked last among five candidates, including Hird, when Scott was appointed four years ago.
Former senior coaches John Longmire, Hinkley and Simpson are all potential candidates.Â
Apart from Carlton, the Tasmania Devils are also in the market for a coach ahead of their 2028 inaugural AFL season.
Despite Essendon's appalling on-field form and ongoing off-field turmoil, Roberts is bullish about the club's future.
"This is one of the most exciting roles in the game. We have an emerging, talented list we believe in and a passionate member base that we are committed to building back into a true powerhouse," he said.
"Our next AFL senior coach will inherit a group with its best football ahead of it and the opportunity to shape a team capable of consistently competing for finals and premierships.
"Unsurprisingly, there has already been strong interest in the role, both publicly and privately.
"We are confident in our direction and equally confident in the coach we will appoint to help lead us there."
It is 7962 days since Essendon last won an AFL final - a source of great amusement for opposition fans. The Bombers are a game clear at the bottom of the ladder and have won one match since April last year.
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